Moncler Group | Annual Report 2024 Separate Financial Statements 436 Moncler Group | Annual Report 2024 Separate Financial Statements 437

The adoption of these amendments had no impacts

on the Company f inancial statements.

In addition, at the date of these f inancial statements,

the competent bodies of the European Union had not

yet completed their endorsement process for the following

accounting standards and amendments:

The Company will comply with these new standards

and amendments based on their relevant ef fective

dates when endorsed by the European Union and it will

ev

aluate their potential impacts on the Financial Statements.

TITLE Issued date Effective date

of IASB document

Approval date by EU

Standards

IFRS 14 Regulatory deferral accounts January 2014 1 January 2016 Postponed pending the

conclusion of the IASB project

on “rate-regulated activities”.

IFRS 18 Presentation and disclosure

in f inancial statements

April 2024 1 January 2027 TBD

IFRS 19 Subsidiaries without public accountability:

disclosures

May 2024 1 January 2027 TBD

Amendments

Sale or contribution of assets between an investor

and its associate or joint venture

(Amendments to IFRS 10 and IAS 28)

September 2014 Deferred until the completion

of the IASB project

on the equity method

Postponed pending the

conclusion of IASB project

on the equity method

Amendments to the classif ication and measurement of

f inancial instruments (Amendments to IFRS 9 and IFRS 7)

May 2024 1 January 2026 TBD

Annual improvements — Volume 11

(Amendments to IAS 7 and IFRS 1, 7, 9, 10)

July 2024 1 January 2026 TBD

Contracts referencing nature-dependent electricity

(Amendments to IFRS 9 and IFRS 7)

December 2024 1 January 2026 TBD

3.1 Revenue

The company's revenues mainly include royalty income from

the use of Moncler trademark and Stone Island trademark.

The increase of EUR 18,896 thousand compared with the

previous year is due to the increase in business volumes.

3.2 General and administrative expenses

General and administrative expenses amounted to EUR 84,110

thousand (EUR 80,003 thousand in 2023) and primarily

include designing and product development expenses in the amount

of EUR 21,986 thousand (EUR 19,655 thousand i

n 2023),

the personnel expenses of other functions in the amount

of EUR 19,093 thousand (EUR 19,349 thousand in 2023),

legal, f inancial and administrative expenses in the

amount of EUR 3,841 thousand (EUR 3,763 thousand

in 2023), directors' fees in the amount of EUR 7,767 thousand

(EUR 8,846 thousand in 2023), auditing and attestation

service, statutory auditors expenses, costs for supervisory

body and internal audit in the amount of EUR 831 thousand

(EUR 573 thousand in 2023).

This item also includes accounting costs related

to stock-based compensation plans for EUR 15,105 thousand

(EUR 15,887 thousand in 2023).

3.3 Marketing expenses

Marketing expenses amounted to EUR 82,517 thousand

(E

UR 98,421 thousand in 2023) and are mostly

made up of expenses related to media-plan and events.

3.4 Personnel expenses, depreciation

and amortisation

The total personnel expenses, included under general

a

nd administrative expenses, amounted to EUR 26,049 thousand

(EUR 25,011 thousand in 2023) including social security

contribution and leaving indemnity expenses.

The average number of FTE (“full-time-equivalent”)

in 2024 was 203 188 in 2023

In 2024 depreciation and amortisation again included

under general and administrative expenses amounted

to EUR 2347 thousand EUR 2111 thousand in 2023

3. Comments on the income statement